Anglo American's De Beers Diamond Sales Fell on Year Due to Lower Supply

By Ian Walker

Anglo American said rough-diamond sales by its majority-owned De Beers Group rose 51% in the tenth cycle of the year compared with the earlier cycle, but this was much less than the comparable period last year due to lower levels of supply, in line with current demand.

The FTSE 100 diversified mining company said Wednesday that De Beers sold $130 million of diamonds in the tenth sales cycle of the year compared with $86 million in the ninth cycle and $417 million in the tenth cycle of 2022. There are 10 sales cycles each year.

"As the end-of-year holiday season progresses, we are seeing signs that the diamond industry is regaining its balance between wholesale supply and demand. Polished diamond prices look to have stabilized as inventory levels have decreased, though we expect improvements in rough diamond trading conditions to be gradual," De Beers Chief Executive Al Cook said.

Anglo American said sales are provisional figures and based on expected sales between Nov. 9 and Dec. 19.

Write to Ian Walker at ian.walker@wsj.com

(END) Dow Jones Newswires

December 20, 2023 02:41 ET (07:41 GMT)

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